Unlike the Spectrum view the Waterfall view is not enabled by default when you start the MCS. To open it you can either use the Add Graphic button in the toolbar and select the “Add Waterfall” entry from the popup menu, or simply click on the “Waterfall” button in the sidebar to open the Waterfall control together with the view. The same procedure also works for the Histogram, Limits, Channelpower and Daylog views.
While the Spectrum view displays data just in the frequency domain the Waterfall also includes the time coordinate in the vertical axis, and encodes the measured value as color instead, where each line represents one sweep. Therefore changing Reference level and Dynamic range does not affect the vertical axis but instead changes the mapping of measurement values to colors.
Please see Waterfall Control and View for more details.